crypto = casino. i used to argue hard against people who said that. i didn't want them to be right. but i think they are. take crypto's top revenue protocols this week. remove the stablecoin issuers and the chains. what's left is what people pay for. the top 5: 1. @hyperliquid: leverage perps 2. @Pumpfun: memecoin launchpad 3. @Collector_Crypt: pokémon gacha 4. @papertrade_xyz: 1000x perps 5. @Polymarket: betting on events all 5 are casinos. zoom out to the top 20: 12 are casinos, and they make 77% of the revenue. the exceptions: an etf fee, some lending, a couple of dexs, an oracle, a wallet. i still think crypto can be more than a casino.